Rag doll is just one step in the long process of creating amazing physics engines. My very first FPS was Wolfenstien, my first serious FPS was Bungies Marathon (effing love that game). Compare those to the games we have to day and think about what could happen 10 years from now. In 10 years we could all be chatting on the forums saying "man i cant wiat till xmas so those centi-core processors go on sale!". In 10 years my 42Thz processor will have a tough time keeping up with the physics engines of the day. And we will still be having this discussion about gameplay over graphics.
Down to the skinny, game play is personal. It's what touches your heart and either makes you scream from terror in Gears or cry like a baby when you find out you just killed your avatars true love.
Graphics, on the other hand, are relative. They will never be good enough, they will always be better than what was there, and there will always be old games you can point at and say "Hey! That games graphics aren't as good as yours but it's a better game! Why are you such a poopy game?"
To summarize, good graphics dont make a good game. They make good games better. Try to argue that.
Edit: Also they make bad games sell.